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Motorists can save an average of around #100 a year by phoning around or searching online for car insurance...

MOTORISTS can save an average of around #100 a year by phoning around or searching online for car insurance, claims a survey by financial research company Consumer Intelligence.

It found that the average premium last year was #493.35, compared to an average of #336.15 for the most competitive five per cent of insurers, and #727.89 for the most expensive five per cent - a difference of #391.74 or 116 per cent.

Overall, the cheapest insurer in 2004 was Hastings Direct, which saved motorists up to 37 per cent on their premiums - the equivalent of #226.

Among the 10 cheapest were also big names such as Prudential, Privilege, Churchill, MBNA, Sainsbury's, Direct Line, Halifax, esure and Tesco.NATIONWIDE has raised its overdraft rate by one per cent to 7.75 per cent. A big hike, but still the cheapest.